Schroders begins to offload its $340 million stake in property firm Adler - Bloomberg News

(Reuters) - UK fund manager Schroders has started to sell large chunks of its $340 million stake in German property firm Adler Group SA at lower prices, a Bloomberg News report said on Wednesday.

Schroders has reduced its holding in Adler by around 23 million euros in June, the report added. The fund manager reported a fall in its assets under management last week hurt by its under-fire liability driven investment business.

Adler Group declined to comment when contacted by Reuters, while Schroders did not immediately respond.

Adler, one of Germany's biggest real estate companies, remains shut out of banking and capital markets pending completion of the audits launched in response to allegations by short seller Fraser Perring's Viceroy Research last year that the company's balance sheet had been artificially inflated.

In August, Germany's financial regulator said Adler overstated the value of one of its projects by up to 233 million euros ($233.72 million).

($1 = 0.9969 euros)

(Reporting by Sinchita Mitra and Amna Karimi in Bengaluru; Editing by Shailesh Kuber)